Japanese firm Modec reported that it had it won a contract with Petrobras to build a floating production and storage facility that will drill for oil off the coast of Brazil.

Rick Hall, president of Modec International Inc., said:

The contract represents a significant milestone for Modec in its efforts to partner with Petrobras “to start to develop the vast pre-salt reserves of the Santos Basin.

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Click here for Modec’s website.